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18 years after the 9/11 terrorist attack, and the global HLS market, technologies and industry are forecast to go through major shifts. New and maturing technologies, such as UGV, counter-drone systems, artificial intelligence, big data & data analysis, smart sensors, AI-based cybersecurity, 5G, TETRA & LTE emergency communication and AI-based video analytics, will create new market segments and fresh business opportunities.
The global homeland security and public safety market is expected to grow from $431 Billion in 2018 to $606 Billion in 2024 at a CAGR of 5.8%, according to a market report by Research and Market.
The Asian-Pacific & North American markets will continue to dominate the market, holding together over 50% of market share during the forecast period.
Market analyses by country show that Saudi Arabia, UAE, the U.S.A and Israel are the leading markets in terms of market size per citizen.
Cited by businesswire.com, the report assesses that this market growth is driven by the following factors:
- New and maturing technologies
- President Trump’s national security & law enforcement agenda
- Organized crime
- PRC President Xi’s internal security policy
- Cybercrime and Cyberterrorism
- The turmoil in the Arab world – the ongoing conflicts in Iraq, Syria and Yemen, and the Shia-Sunni conflict
- An invest whatever it takes approach of autocratic and semi-autocratic governments (e.g., Saudi-Arabia, Iran, Egypt, Russia, Turkey) to avoid regime change
- High-security spending by governments (e.g., Israel, Brazil, Nigeria) exposed to high risk of terror and/or crime
- Climate warming-related natural disasters growth